KARACHI: Pakistan Stock Exchange (PSX) has suspended trading of two insurance companies for violating regulations and stopping commercial activities.
In a notice issued on Monday, the stock exchange said pursuant to the directive received from Securities and Exchange Commission of Pakistan (SECP) through on October 04, 2019, following companies in the public interest, shall remain suspended for a further period of 60 days with effect from October 08, 2019 under sub-section (7) of Section 19 of the Securities Act, 2015.
The companies are also in violation(s) of various sub-clauses of Regulation 5.11.1 of PSX Regulations mentioned against each, and unless the same are rectified, trading in their shares shall not resume.
01. M/s Progressive Insurance Company Limited: Suspended commercial production/business operations in the its principal line of business and adverse opinion in the audit report.
02. M/s. Silver Star Insurance Company Limited: Failed to hold the Annual General Meeting(s) and failed to submit its annual audited accounts.